Fs Kkr Capital Corp. · NYSE:FSK
Fs Kkr Capital — Q2 2026 Earnings Presentation
20 slides from Fs Kkr Capital's earnings presentation, Aug 6, 2026
Slide 1: FS KKR Capital Corp. Financial Information
FS KKR Capital Corp. Financial Information Quarter Ended June 30, 2026 All information is as of June 30, 2026 unless otherwise noted
Slide 2: Summary
Summary • Net investment income (NII) for the quarter ended June 30, 2026 was $122 million, or $0.44 per share, as compared to $117 million, or $0.42 per share, for the quarter ended March 31, 2026. • Adjusted net investment income (Adjusted NII) for the quarter ended June 30, 2026 was $120 million,
Slide 3: Financial Results
Financial Results (Dollar amounts in millions, except per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 NII per share $0.62 $0.57 $0.48 $0.42 $0.44 Adjusted NII per share(1) $0.60 $0.57 $0.52 $0.41 $0.43 Net realized and unrealized gain (loss) per share ($1.36) $0.19 ($0.89) ($2.00) ($0.56) A
Slide 4: Portfolio Highlights
Portfolio Highlights As of and for Three Months Ended (Dollar amounts in millions) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Investment at Fair Value: First Lien Senior Secured Loans 59.0% 58.0% 57.8% 59.6% 58.7% Second Lien Senior Secured Loans 4.9% 4.8% 4.2% 3.8% 3.9% Other Senior Secured Debt 0.2%
Slide 5: FSK Investment Portfolio Overview
FSK Investment Portfolio Overview Investment Portfolio Summary Security Exposure (by fair value) $11.4bn Portfolio Fair Value (FV) 6.7% 2.4% Senior Secured Loans—First Lien Senior Secured Loans—Second Lien 14.4% Other Senior Secured Debt 232 Portfolio Companies Subordinated Debt Asset Based Finance
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity Asset Mix of New Purchases(1) $1,400 $1,142 $1,098 83% 65% (2) 65% $590 $499 0% 63% 1% 7% 15% 69% 6% 5% 15% 0% 0% 0% 12% 12% 18% 24% 36% 1% 2% 1% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Portfolio Roll ($ in millions) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26(4) Investmen
Slide 7: Net Asset Value Bridge
Net Asset Value Bridge $0.44 ($0.42) ($0.56) $0.01 $18.83 $18.83 $18.85 $18.29 $18.29 $18.30 (1) 3/31/2026 GAAP Net Distribution Net Realized Share Buyback 6/30/2026 NAV Investment Income & Unrealized Losses Ending NAV Note: Per share data derived using the weighted average shares outstanding during
Slide 8: Capital Structure: Overview
Capital Structure: Overview Key Highlights Capital Structure Overview • 1.27x Debt-to-Equity as of June 30, 2026, compared to 1.38x as of March 31, 2026 Funding Source Committed Outstanding Undrawn Maturity Wtd. Avg. Rate Senior Secured Revolver 3,801 733 3,017(3) 7/16/2030(4) S+1.875% - 1.90% • 1.2
Slide 9: Credit Opportunities Partners JV, LLC Overview
Credit Opportunities Partners JV, LLC Overview FSK’s joint venture with South Carolina Retirement 6.2% Senior Secured Loans—First Lien Systems Group Trust (SCRS) Senior Secured Loans—Second Lien 17.3% Primarily senior secured assets Security Exposure Other Senior Secured Debt 5.0% (by fair value) 1.
Slide 10: Direct Origination Investments EBITDA and Credit Statistics
Direct Origination Investments EBITDA and Credit Statistics Direct Origination Portfolio Company EBITDA Direct Origination Portfolio Company Coverage Ratios $255 $252 7.0x $239 $240 $239 $241 $236 $237 $236 $225 6.0x 6.0x 6.0x 6.1x 5.9x 6.0x 5.9x 5.9x 5.9x $218 5.8x 5.8x 5.8x $212 6.0x 5.7x $202 5.0
Slide 11: Appendix
APPENDIX FSK | FS KKR Capital Corp.
Slide 12: Operating Results
Operating Results For The Three Months Ended (Dollar amounts in millions, except per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Total investment income $398 $373 $348 $304 $290 Net expenses (225) (210) (195) (187) (168) Net investment income before taxes $173 $163 $153 $117 $122 Excise tax
Slide 13: Operating Results Detail
Operating Results Detail For The Three Months Ended (Dollar amounts in millions, except per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Investment income: Interest income $245 $231 $201 $186 $175 Payment-in-kind interest income 53 54 55 38 42 Fee income 9 4 6 2 5 Total dividend and other in
Slide 14: Balance Sheet
Balance Sheet As of (Dollar amounts in millions, except per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Assets Total investments, at fair value $13,648 $13,415 $13,009 $12,269 $11,418 Cash and cash equivalents 244 119 181 128 107 Foreign currency, at fair value 68 36 27 5 2 Receivable for i
Slide 15: Quarterly Gain/Loss Information
Quarterly Gain/Loss Information For The Three Months Ended (Dollar amounts in millions, except per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Realized gain/loss Net realized gain (loss) on investments: Non-controlled/unaffiliated investments ($66) ($25) ($132) ($41) ($5) Non-controlled/aff
Slide 16: Endnotes
Endnotes Slide 2: Summary Slide 3: Financial Results 1. Adjusted NII is a non-GAAP financial measure. See Slide 18 for a reconciliation between NII and adjusted NII. 1. Adjusted NII is a non-GAAP financial measure. See Slide 18 for a reconciliation between NII and adjusted NII. 2. COPJV is a joint v
Slide 17: Endnotes
Endnotes Slide 7: Net Asset Value Bridge Slide 13: Operating Results Detail 1. On May 6, 2026, FSK’s Board authorized the Company Share Repurchase Authorization. The Company Share Repurchase 1. Beginning with the fiscal quarter ending June 30, 2026 and continuing through and including the fiscal qua
Slide 18: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted net investment income is a non-GAAP financial measure. Adjusted net investment income is presented for all periods as GAAP net investment income excluding (i) the accrual for the capital gains incentive fee for realized and unrealized gains; (ii
Slide 19: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures (continued) Net debt and net debt-to-equity ratio are non-GAAP financial measures. Net debt-to-equity ratio is debt outstanding including convertible preferred stock outstanding, net of cash, cash equivalents, restricted cash and foreign currency and net
Slide 20: Important Disclosure Notice
Important Disclosure Notice Forward-Looking Statements This presentation contains certain forward-looking statements that are not historical facts, including, without limitation, statements with regard to future events or our future performance or financial condition, and statements regarding share